Stephens, Clifford P.; Weisbach, Michael S. - In: Journal of Finance 53 (1998) 1, pp. 313-333
Unlike Dutch auction repurchases and tender offers, open-market repurchase programs do not precommit firms to acquire a specified number of shares. In a sample of 450 programs from 1981 to 1990, firms on average acquire 74 to 82 percent of the shares announced as repurchase targets within three...